Market Overview - The stock indices experienced a general decline this week, with the Shanghai Composite Index closing at 3834.89 points, down 3.9%, and the Shenzhen Component Index at 12538.07 points, down 5.13% [2][9] - Total trading volume in the Shanghai and Shenzhen markets reached 9.23 trillion yuan, with the Shanghai market accounting for 3.85 trillion yuan and the Shenzhen market 5.38 trillion yuan [2] ETF Fund Flows - A total net inflow of 701.21 billion yuan was recorded for stock ETFs and cross-border ETFs this week, with broad-based index ETFs seeing a net inflow of 359 billion yuan [2][6] - The ten largest broad-based index ETFs collectively saw a net inflow of 223.26 billion yuan, with the CSI 500 ETF receiving 57.78 billion yuan and both the ChiNext ETF and the CSI 300 ETF each receiving over 44 billion yuan [6][7] Sector Performance - In terms of sector-specific ETFs, artificial intelligence and robotics ETFs attracted significant capital, while bank and chemical-related ETFs faced substantial sell-offs [1][11] - Notably, the CSI 500 ETF had a net inflow of 64.29 billion yuan, and both the Sci-Tech 50 and ChiNext indices saw net inflows exceeding 55 billion yuan [7] Notable ETFs - The Southern ChiNext Artificial Intelligence ETF saw a substantial increase in shares, with a net inflow of 13.96 billion yuan and a total of 7.81 billion shares added [11][14] - The Robotics ETF also experienced strong demand, with a net inflow of 13.46 billion yuan and shares surpassing 253 billion, marking a new high since its launch [16][18] Market Sentiment and Future Outlook - Analysts suggest that the recent market fluctuations have sufficiently digested uncertainties, indicating limited downside potential for indices in the near term [9] - The ongoing global enthusiasm for technology investments, along with supportive policies and increased retail participation, is expected to sustain a slow bull market in A-shares [9][21] Upcoming ETFs - Five new ETFs are set to launch next week, focusing on sectors such as chemicals, home appliances, and Hong Kong stocks [22][23]

11月21日消息，三大指数集体低开，能源金属板块跌幅居前。截至今日开盘，沪指报3896.66点，跌0.87%；深成指报 12752.72点，跌1.76%；创指报2979.37点，跌2.07%。 财信证券认为，周四，在隔夜美股以及当天日韩市场转暖的背景下，A股高开低走，成交额小幅缩量，反映出当前市场情 绪仍偏谨慎，需继续等待大盘出现明显的企稳回升信号。短期内，随着大盘近期震荡消化整理已相对充分，指数层面下探空间 或相对有限，但当日大盘高开低走的行情给市场带来了一定不确定性。中期来看，在全球科技投资热情不减、"反内卷"政策持 续推进、居民储蓄入市等因素支撑下，本轮慢牛行情的根基并未动摇，后续A股指数仍存在继续走强的基础。 机构观点： 东吴证券认为，周四，A股市场高开低走，震荡调整。盘面上，海南、银行等板块涨幅居前，美容护理、光伏设备、食品 加工等板块跌幅居前。走势上看，上证指数虽未跌破周二低点3926点，但收盘也很接近，且周四阴线反包周三的震荡十字，技 术上短期往3900点整数关口下探概率加大。创业板指数亦是高开低走，收盘跌破60日均线，且近乎最低点收盘，创业板指数技 术走势看继续向3000点整数关口甚至5月线需 ...

东吴证券认为，周四，A股市场高开低走，震荡调整。盘面上，海南、银行等板块涨幅居前，美容护 理、光伏设备、食品加工等板块跌幅居前。走势上看，上证指数虽未跌破周二低点3926点，但收盘也很 接近，且周四阴线反包周三的震荡十字，技术上短期往3900点整数关口下探概率加大。创业板指数亦是 高开低走，收盘跌破60日均线，且近乎最低点收盘，创业板指数技术走势看继续向3000点整数关口甚至 5月线需求支撑的概率加大。 财信证券认为，周四，在隔夜美股以及当天日韩市场转暖的背景下，A股高开低走，成交额小幅缩量， 反映出当前市场情绪仍偏谨慎，需继续等待大盘出现明显的企稳回升信号。短期内，随着大盘近期震荡 消化整理已相对充分，指数层面下探空间或相对有限，但当日大盘高开低走的行情给市场带来了一定不 确定性。中期来看，在全球科技投资热情不减、"反内卷"政策持续推进、居民储蓄入市等因素支撑下， 本轮慢牛行情的根基并未动摇，后续A股指数仍存在继续走强的基础。 东莞证券认为，周四，A股市场高开低走，缩量调整。盘面上，建筑材料、综合、银行、通信和房地产 等板块涨幅靠前；美容护理、煤炭、电力设备、石油石化和商贸零售等板块跌幅靠前。当前市场仍处于 ...

Group 1 - The current market is in a consolidation phase of a slow bull market, allowing for a temporary pause before resuming upward momentum [6][7][20] - The slow bull market is characterized by alternating phases of growth and consolidation, with significant market movements observed in specific time frames [8][11][13][15] - Key factors driving the slow bull market include supportive policies, focus on economic development, and ongoing global liquidity [22][25][26] Group 2 - The market is expected to oscillate between the high points of November and the low points of September during the consolidation phase [28] - Dividend-paying assets are likely to perform well during this period, while growth-style assets should be accumulated at lower prices [29] - Potential catalysts for breaking out of the consolidation phase include economic stimulus policies, breakthroughs in key technology sectors, and funding flows driven by higher-level decisions [29]

Core Viewpoint - The market opened higher but experienced a decline, with the CSI A500 index rising by 0.11%. The banking sector showed strength, while consumer sectors like tourism, food, retail, and textiles weakened. The overall market sentiment remains supported by ongoing global tech investment enthusiasm and policies promoting economic stability [1]. Market Performance - The CSI A500 index saw a slight increase of 0.11% in early trading. The banking sector performed well, while sectors related to tourism, food, retail, and textiles faced declines [1]. - As of the morning close, ETFs tracking the CSI A500 index experienced slight gains, with 12 ETFs exceeding a trading volume of 100 million yuan, and 3 surpassing 2.9 billion yuan. Specific ETFs such as A500ETF Fund, A500ETF Huatai-PB, and A500ETF E-Fund had trading volumes of 3.704 billion yuan, 3.270 billion yuan, and 2.906 billion yuan respectively [1]. ETF Trading Data - A500ETF Fund: Current price 1.159, up 0.17%, trading volume 3.704 billion yuan [2] - A500ETF Huatai-PB: Current price 1.232, up 0.16%, trading volume 3.270 billion yuan [2] - A500ETF E-Fund: Current price 1.187, up 0.25%, trading volume 2.906 billion yuan [2] - Other notable ETFs include A500ETF South, A500ETF Jias, and A500ETF Leading, with respective trading volumes of 2.627 billion yuan, 1.093 billion yuan, and 620.1 million yuan [2]. Future Outlook - Analysts suggest that the foundation for the current slow bull market remains intact, supported by factors such as sustained global tech investment enthusiasm, ongoing "anti-involution" policies, and increased household savings entering the market. There is potential for the A-share index to continue strengthening in the future [1].

Market Overview - The A-share market experienced fluctuations with sectors such as non-ferrous metals, oil and petrochemicals, national defense, beauty care, and banking showing strong gains, while sectors like comprehensive services, real estate, media, construction materials, and retail faced declines [1][1][1] - The market is currently in a consolidation phase around the 4000-point mark, with a long-term upward trend expected to continue [1][1][1] Sector Performance - Strong performance was noted in shipbuilding, precious metals, energy metals, and banking, while internet services, software development, cultural media, and electronic components lagged behind [1][1] - The market is in a critical phase for positioning for the upcoming year, with a likelihood of continued consolidation around the 4000-point level [1][1] Investor Sentiment - The stabilization of A-share indices is seen as a positive factor for short-term market confidence [1] - Despite geopolitical tensions leading to cautious funding behavior, the potential for increased market volatility remains [1] - Mid-term outlook remains optimistic due to sustained global tech investment enthusiasm, ongoing "anti-involution" policies, and increased retail investment [1][1]

丨证券研究报告丨 市场策略丨专题报告 [Table_Title] 海外策略：美股 AI 泡沫是否存在？进行到哪儿 了？ 报告要点 [Table_Summary] 从估值、流动性和资本开支三个角度来看，美股 AI 当前并没有明显的出现泡沫的迹象。从估值 来看，当前纳斯达克指数当前估值难言较低，但相比于 2000 年科网泡沫时期仍有差距。从流 动性角度看，12 月美联储降息的预期正逐步减弱，市场流动性过度充裕的可能性不大。分析资 本开支数据，美国企业层面的扩张行为与科网泡沫时期有所不同，当前的扩张行为仍较为有序。 市场仍然未到需要担忧 AI 泡沫是否会破裂的阶段，即使最终会形成泡沫，当前也只是在形成泡 沫的早期演进期。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 海外策略：美股2] AI 泡沫是否存在？进行到哪儿 了？ [Table_Summary2] 市场焦点 1：美股 AI 泡沫是否存在？进行到哪儿了？ 导读：近期随着对于 ...

A股三大指数低开低走，截至收盘，沪指跌0.81%，深成指跌0.92%，创业板指跌1.16%。沪指、深成指盘中跌超1%。沪深两市成交额1.93万亿，较上一个 交易日放量153亿。全市场超4100只个股下跌。 从板块来看，AI应用概念逆势上涨，榕基软件、浪潮软件、宣亚国际、华胜天成2连板。半导体概念表现活跃，圣晖集成、龙迅股份涨停。机器人概念股 局部走强，首开股份5天3板。下跌方面，近期热门题材调整，电池、煤炭、钢铁等板块跌幅居前，福建板块重挫，福建金森、福建水泥等多股跌停。 今天，全球市场动荡，多个风险资产与避险资产同步下挫。 当地时间11月17日，欧美股市集体收跌。11月18日，亚太主要股指收盘全线下跌，日经225指数收盘下跌3.22%，创自四月以来最大单日跌幅，韩国综合 指数收盘下跌3.32%，澳洲标普200指数收盘跌1.28%，新西兰标普50指数收盘跌1.16%。 港股方面，截至15:40，恒生指数跌1.78%，恒生科技指数跌1.94%，小鹏汽车跌超10%，联想集团跌超4%，比亚迪股份、蔚来跌超3%。 黄金一度失守4000美元关口，现货黄金最新报4005美元/盎司，COMEX黄金期货最新报4003美元/盎 ...

中原证券认为，周一，上证指数全天震荡走低；深证成指、创业板指全天窄幅震荡。盘中能源金属、软 件开发、互联网服务以及船舶制造等行业表现较好；医药、贵金属、保险以及光伏设备等行业表现较 弱。当前A股市场处于震荡蓄势、布局来年的重要阶段，上证指数围绕4000点附近蓄势整固的可能性较 大，市场风格再平衡仍将延续。10月金融数据显示居民资产配置向金融资产转移的长期趋势未变，为市 场提供增量资金。预计短期市场以稳步震荡上行为主，密切关注宏观经济数据、海外流动性变化以及政 策动向。 东莞证券认为，周一，A股市场低位震荡整理。当前上证指数在4000点附近震荡整理，资金分歧有所加 大，获利盘了结可能引发短期波动。不过当前经济处于动能转换关键期，预计四季度在政策支撑下基本 面将逐步改善。积极政策信号有望重塑资本市场主线和估值逻辑，提振风险偏好。A股市场短期或进入 震荡整理，中期震荡上行趋势仍有望延续。 财信证券认为，周一，A股市场弱势震荡。盘面上，锂电产业链走强，AI应用板块活跃，福建本地股表 现靠前，而贵金属、医药等板块表现靠后。短期内，随着上证指数在4000点附近震荡多时，卖盘或逐步 消化出清，该位置筹码结构相对稳固，因此指 ...

Core Viewpoint - The market has entered a "slow bull" phase since June, reaching 4000 points, despite skepticism from many institutional and individual investors at the onset [1] Fundamental Analysis - The GDP growth rate for the first half of the year was 5.3%, suggesting that a growth rate of 4.7% to 4.8% in the second half would suffice to meet the annual target of 5% [1] - Many investors doubted the emergence of a slow bull market due to expectations of declining profit growth in the second half [1] Liquidity Analysis - Overall liquidity is not tight, and while there hasn't been a significant influx of funds, the macro liquidity remains favorable [2] - The bond market has underperformed, with the ten-year government bond yield dropping from over 2% to around 1.4% to 1.5% before rebounding, leading to a search for returns among institutional investors [3] - Insurance companies and other funds are increasingly looking to the stock market for returns due to poor bond yields, indicating a micro-level improvement in liquidity driven by institutional demand [3] Policy Environment - The policy stance has been supportive since last year's "924" initiative, suggesting that negative policy impacts on the stock market are unlikely [3] Market Sentiment - Investor confidence has improved, contributing to a healthy market environment characterized by gradual increases rather than abrupt spikes [4] - The market is expected to enter a phase of volatility in the coming months, with institutional investors likely to take profits and reassess strategies [5][6] Future Outlook - The market structure for next year is anticipated to resemble this year, with a focus on artificial intelligence and sectors like innovative pharmaceuticals and renewable energy [6][7] - The recommendation for investment strategy includes a core position in the CSI A500 ETF with a satellite allocation in technology and dividend-paying stocks, reflecting a continued emphasis on cash flow and cyclical sectors [7]